Yield farming reaches fever pitch as DeFi protocols experience heightened popularity.
Yield Farming in Overdrive
August was an eventful month for DeFi with a shuffle in the top DeFi protocols by Total Value Locked, with Aave taking the top spot ahead of more established players such as MakerDAO and Compound.
Uniswap, the most popular DEX, surpassed Coinbase Pro in trading volume toward the end of August:
One of the main themes in DeFi over August was the rapid growth of tokenised bitcoin, shown below:
August’s return for bitcoin was the best since 2017, while September’s average return tends to be negative:
So far in 2020, silver has outperformed both bitcoin and gold:
Because of the growing popularity of DeFi, Etheruem has overtaken Bitcoin in two key on-chain fundamentals: daily settlement value and total fees. Ethereum’s total fees peaked above $17 million on September 1 as yield farming reached a fever pitch:
The Crypto Fear and Greed Index reached a high of 84 on ‘Extreme Greed’ in late August before falling to 38 on September 9, indicating fear is now dominating market sentiment:
Read our full report ‘Yield Farming in Overdrive— Crypto Market Report August 2020’ here: https://docsend.com/view/ggne6gk8zsdgukjh.
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